Domestic gold prices extended losses on Tuesday in choppy trade. Global gold benchmarks slipped to near one-month low amid a strong dollar and US Fed rate hike worries.
MCX gold October futures fell 0.1 percent to touch the intraday low of Rs 51,110 per 10 grams. White metal future, fell 0.6 percent to Rs 54,655 per kilogram.
Manoj Kumar Jain, Head-Commodity and Currency Research at Prithvi Finmart, suggests buying gold around Rs 51,050 for a target of Rs 51,350 with a stop loss at Rs 50,880.
Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said, "Gold & Silver prices remained under pressure at one-month low, down for the seventh consecutive day, as risk-aversion underpins the US dollar ahead of Fed Chair Powell’s Jackson Hole appearance on Friday."
Market is eying Jerome Powell’s speech in Jackson Hole symposium for interest rates and economic growth, Kalantri said.
Indian equity benchmarks opened in red on Tuesday, before turning green later in the trade. The rupee edged higher to 79.83 against the US dollar.
The dollar index — which gauges the strength in the greenback against six peers — fell 0.2 percent.
